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UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
FORM 8-K
CURRENT REPORT
Pursuant to Section 13 or 15(d) of the Securities Exchange Act of 1934
Date of Report (Date of earliest event reported): October 15, 1998
FITZGERALDS GAMING CORPORATION
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(Exact name of registrant as specified in its charter)
NEVADA
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(State or other jurisdiction of incorporation)
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<S> <C>
0-26518 88-0329170
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(Commission File Number) (IRS Employer Identification No.)
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301 FREMONT STREET, LAS VEGAS, NEVADA 89101
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(Address of principal executive offices) (Zip code)
(Registrant's telephone number, including area code): (702) 388-2400
NA
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(Former name or former address, if changed since last report)
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ITEM 5. OTHER EVENTS.
TREASURE BAY LITIGATION
In connection with the Treasure Bay litigation described in
Registrant's Form 10-K for the year ended December 31, 1997 and Registrant's
subsequent reports on Form 10-Q, on October 15, 1998 the United States
Bankruptcy Court for the Southern District of Mississippi, Biloxi Division,
entered judgment against Fitzgeralds Mississippi, Inc. ("FMI") in favor of
Treasure Bay Gaming & Resorts, Inc. and Treasure Bay Corp. ("Treasure Bay") in
the principal amount of $319,932, plus pre-judgment interest from July 1, 1994
through October 15, 1998 at the applicable Mississippi interest rate, plus
interest from October 16, 1998 until paid at the legal rate. Including interest
through October 15, 1998, the aggregate amount of the judgment approximates
$429,743. The court further ordered that upon payment of such amount by FMI, the
Treasure Bay entities must convey to FMI a deed to an undivided one-half
interest in the Tract upon which the Roadway was constructed, free and clear of
all liens and encumbrances.
On October 22, 1998, FMI filed its notice of appeal of the decision. On
October 28, 1998, FMI and Treasure Bay entered into a Stipulation pursuant to
which FMI has posted a bond with the court in the amount of $537,179 and
Treasure Bay has agreed to stay execution of the judgment on FMI assets, pending
resolution of the appeal. Although the Company believes that FMI will continue
to have full access and use of the Tract and Roadway, there can be no assurance
that the appeal will be successful.
SIGNATURE
Pursuant to the requirements of the Securities Exchange Act of 1934,
the Registrant has duly caused this report to be signed on its behalf by the
undersigned thereunto duly authorized.
Date: October 30, 1998 FITZGERALDS GAMING CORPORATION
(Registrant)
By: /s/ Michael E. McPherson
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Michael E. McPherson
Senior Vice President,
Chief Financial Officer,
Treasurer and Secretary
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